The Toronto-based firm said its Series C round, which brings its total equity funding to over US$162 million, included existing investors and the Canada Growth Fund and was led by T. Rowe Price. The money will go toward research and development in Canada and help Cyclic scale its U.S. and European operations. (The Logic)

Talking point: The company is hoping that recycling rare earth elements from devices like Lime Scooters can help reduce future dependence on China’s rare earth supply chain. Defense vehicles like fighter jets and submarines require hundreds of kilograms of rare earth materials, and they have become hot commodities after China put export controls on the metals last year. Yannick Beaudoin, CEO of Canada Growth Fund Investment Management, said Cyclic Materials’ work with “strategically important critical minerals” makes it part of a “key sector for the country’s economic future.”

Editor’s note: This briefing was updated to include additional details about the funding round participants.